White House Pushes Regulatory Reform

Article excerpt

In late April the White House gave FDIC Chairman William Taylor an additional job; he's now head of a working group of federal banking officials detailed to reduce bank and thrift regulatory burdens.

The administration's announcement, delivered by President George Bush himself, recognized recent efforts by the agencies and pushed them further. ABA welcomed the reform effort, which includes a number of ABA-backed initiatives. The association and state bankers' associations are running a campaign to inform Members of Congress about the need to ease banks' regulatory burden.

(In a separate announcement about a week later, the President extended by several months the 90-day moratorium on new federal regulations and review of existing rules that he had unveiled in his State of the Union address.)

Among the working group's tasks is devising uniform policies and regulations when implementing the same or similar federal laws. To a degree, regulators already do this. For example, much of the implementation of regulations under the FDIC Improvement Act has been orchestrated through interagency working groups.

More specifically, the agencies have been told to find ways to coordinate exams, develop common exam reports, and work with state regulators to coordinate examinations and to share findings. …